Bankruptcy Process in Newfoundland and Labrador

If you are having trouble with your monthly expenses, and if you’re falling behind on paying your bills, you may need to consider bankruptcy. Here is a step by step guide on what you need to know when considering personal bankruptcy in Newfoundland.

1) Determine if bankruptcy is the right choice for you. There are several different bankruptcy alternatives that should be considered first. Bankruptcy should only be used if you have exhausted all other options. Some examples of bankruptcy alternatives include a consumer proposal or debt consolidation. You will also want to make sure you’re clear on the different types of bankruptcy.

2) Consult a personal bankruptcy trustee. The bankruptcy process can be extremely complicated, and we do not advise you to try it on your own. A licensed bankruptcy trustee in Newfoundland can explain your options, walk you through the process, and help you determine which one is right for you. Bankruptcy is different throughout Canada, so it is essential that you fully understand how the process will go in your area. In most bankruptcy cases you will assign everything you own to the trustee, and they will convert those things into cash for payback to the people you owe. Please, contact us for a free consultation today.

3) Determine what you can keep. In some areas of Canada you may be allowed to keep some of your assets. Some of these items may include clothing, furniture, appliances, a vehicle, medical and dental aids, and some insurance. Basically, any items you would require to survive may be kept. Your bankruptcy trustee will inform you of what you can keep in case you decide to file for Newfoundland bankruptcy.

4) Discuss the costs. The cost for filing personal bankruptcy in Newfoundland will depend on your monthly income, the size of your family, and your assets. Your personal bankruptcy attorney can go over the exact figures with you.